Drawing the line under a business is never an easy decision but sometimes it’s the right thing to do.
Do you look at your accounts and wonder why there isn’t enough money to cover the bills – or to pay you?
Are you honest with yourself about the real position of your business?
It’s very easy to say “it’ll be fine next week”, “I’m just having a bad week/month but …”
There is no shame in admitting that things aren’t working. In fact you should celebrate if you have the courage to make that decision to cut your losses and move on.
But it doesn’t have to be the end of the road.
I recently interviewed Tino Da Silva who had done exactly that. He was a videographer the last time I spoke to him and after 3 years, came to the conclusion that it wasn’t working and he needed to do something else.
Listen to his story and see what you think. I have to say I just want to go and make bagels!
This is a truly inspirational story of someone who knew when to draw the line and did exactly that. Tino has had a complete change of direction and I’m sure you can see the passion when he talks about his new business, http://www.jacobsbagels.com. When I spoke to him off camera, he told me about his plan to grow the business from where it is now. He has found a gap in the market to provide freshly baked, artisan bagels to his local community. This is a business which can be duplicated by franchising and also by having a subscription box which can be posted out to customers outside of his local area.
Some businesses are relevant for a specific period of time and then trends change, life changes and people want something different. Recognising when that happens is the key.
It is all part of the learning curve and as long as you learn from your mistakes, do things differently the next time around and move forward, then there is nothing wrong with just drawing a line under something which wasn’t right and moving into a new business which works well.
Regular reviews of your business performance will give you a clue as to when the time is right. If you have a balanced scorecard or dashboard which looks right across your business, then the indicators will be flagging up problems in different areas.
Working on your strategy and reviewing your business with someone such as a business coach is a good place to start. We are often too close to our own business and don’t really see what is going on – or perhaps don’t want to see. Talking it over with someone else who is not so closely involved will highlight where the issues are and what actions you could take to improve the situation.
Always happy to have a chat and help you see the wood for the trees. Why not book a free call with me now and let’s get your business back on track – or start a new one …